Business

Record-breaking year for Premier Electrics as company ownership changes

Premier Electrics’ Brendan McPeake (project manager), Martin O’Rourke (site manager) and Liam Martin (operations manager) outside River House in Belfast, where the company recently delivered a major electrical fit-out for mac-group
Gary McDonald Business Editor

SOUTH Derry firm Premier Electrics, which is marking its 25th anniversary, has produced record-breaking financial figures, increasing sales, profits and staff numbers.

In the year to March, the Bellaghy-based contractor had revenues of £42.86m, up more than a million pounds of the previous year, according to accounts filed at Companies House.

Profit for the financial year came in at £3,913,018 against a figure of £3,162,174 in 2017, and net assets at Premier at year-end stood at £13.8m against £13.5m previously.

Dividends of £3,573,241 were paid during the year, whereas zero was paid in 2017.

Until December last year Premier Electrics was wholly owned by its founder and chairman Mark Scullion and his wife Tracy.

But following a group restructuring the company is now owned by Cavan Limited, a company based in the Isle of Man. Its two listed directors are Mark Scullion and Tony Shivers (managing director).

According to the accounts, the directors were paid £3,514,954 between them. with just over £2.5m going to one of them.

Staff numbers at Premier lifted from an average of 56 to 61, with the company's pay bill rising to £6.3m.

Premier Electrics - which recently completed work on major schemes in Belfast including a revamp of River House and a retail scheme in Donegall Place - has also just opened an office in the city centre.

The company has also carried out work around Europe but said expansion to Belfast was the "logical" next step in its development.

Premier says it envisages further measured employment growth in 2019 as it seeks to consolidate its position as one of the top electrical installation and maintenance contractors in the UK and Ireland.

It has also launched a new three-year people development programme aimed at enhancing its team's skills across all aspects of the business.

Managing director Tony Shivers said the company had a strong order book for 2019 and was encouraged to have secured several major projects closer to home.

“Since our establishment 25 years ago we have delivered more than 1,000 electrical installation projects across Europe, GB and Ireland but this year it has been particularly gratifying to be working on a number of exciting commercial and office projects including the much-anticipated River House grade A office development in High Street, Belfast, for mac-group.”

An an uplift in construction in Belfast, Dublin and London had helped improve Premier's sales during the last year.

But the directors cautioned that the wider construction environment continues to be challenging and that, like other companies, it will face challenges as a result of Brexit.

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